Titon Holdings plc announce an interim dividend of 1.5 pence per share was paid in the year to 30 September 2022 and the Directors are proposing a final dividend of 0.5 pence per share (2021: 3.0 pence). The total dividend for the year will therefore be 2.0 pence per share (2021: 4.5 pence). If approved by shareholders at the forthcoming Annual General Meeting on 22 March 2023, the dividend will be payable on 31 March 2023 to shareholders on the register at 10 February 2023. The ex-dividend date is 9 February 2023.
Other financial highlights include:
Net revenue reduced by 5.7% to £22.1 million (2021: £23.4 million) as the Group managed shortages of raw materials, key components and labour; and reflecting weaker trading conditions in South Korea and operational impacts of the implementation of the Group's new ERP system.
Gross margin of 26.4% (2021: 31.4%), driven by industry-wide input cost inflation and the natural timing lag in recovery through our implemented price actions with customers and operational efficiencies.
Underlying EBITDA of £0.14 million (2021: £2.0 million) and underlying Group loss before tax of £0.6 million (2021 profit before tax: £1.07 million) reflecting the lower sales in the year and reduced margins.
Strong balance sheet maintained at the period end with net cash, no debt, net assets of £16.0 million at 30 September 2022 (2021: £16.8m) and net current assets of £7.9 million (2021: £9.3m).
